When you are shopping for a new home, it is easy to get caught up in the visual appeal of the homes that you are interested in. However, if you want to control your homeowner’s insurance costs in the future, you also need to take into consideration how the home is built, from the age of the home all the way down to the type of wiring that is found in the home. Here are a few major building aspects to pay attention to as well as how they generally tend to affect homeowner insurance premium rates.
Building Factor #1: The Age Of The Home & The State Of Upgrades
The first thing you need to take into consideration is the age of the home and what types of upgrades have been performed throughout the home since it was constructed.
Older homes that have not had the roof, plumbing or electrical wiring updated tend to cost more to insure. Insurance companies see these types of homes as a bigger insurance risk since regular maintenance and up-keeping seems to have been ignored.
However, if you are interested in purchasing an older home that has had its roof replaced recently, its wiring updated, and its plumbing inspected, your insurance rates would be more reasonable.
Generally, the most affordable policies are written for new homes since they do not have a high risk or potential for damage due to building issues.
Building Factor #2: The Type Of Wiring Found Throughout The Home
Most modern homes use copper wiring. Copper wiring has become the standard for electrical wiring and is the most common type of wiring you will find in most houses dating back many years.
If you are looking at purchasing a home that was built over fifty years ago, make sure you inquire and see if the electrical wiring has been updated. Extremely old buildings were constructed using knob and tube wiring, which tends to be viewed by insurance companies as extremely dangerous due to not having any ground wires and just because after so many years, the wiring gets old and worn out.
Building Factor #3: Type Of Plumbing
Once again, this factor really comes into play if you are looking at purchasing an older home. Insurance companies tend to charge higher rates for homes that still have old school galvanized or lead plumbing running through them. Both of these types of pipes do not withstand temperature changes well and are more prone to bursting. These types of pipes tend to allow corrosion to build and have a negative impact on water pressure. Additionally, lead pipes can transfer lead into your drinking water.
Most modern types of plumbing will lower your insurance rates, including:
All of these plumbing materials do not absorb or transfer dangerous chemicals. They are also able to withstand temperature changes without bursting and causing damages to your home.
Building Factor #4: The Material Used For The Frame Of The House
Finally, make sure you really think about what type of building material you want your house to have. Homes that are made from wood often cost more to insure because of the increased risk of fire. Homes that are made out of concrete or brick do not pose the same fire risks and are generally considered to be more stable by insurance companies.
For more information, contact The Selzer Company or a similar organization.